Just a quick one,
have a friend of a friend who has recently done this, and has turned out well with no intentions and it has quirked my interest, is this a good strategy, a fast one, or a slow one, a bad one, or worth pursuing...
So here it goes, a friend of a friend has done this,
- put a $500 deposit on a $100k block of land
- 3 months later, its apparently gone up by $30k to $130k, so $30k equity
- using this $30k equity is building a house on this block for $100k in total
- so $70k is all that is required
its in one of these outer suburbs common with new estates,
so could you theoreteically do this over and over again to get control of a large property folio???
am i missing something here?
have a friend of a friend who has recently done this, and has turned out well with no intentions and it has quirked my interest, is this a good strategy, a fast one, or a slow one, a bad one, or worth pursuing...
So here it goes, a friend of a friend has done this,
- put a $500 deposit on a $100k block of land
- 3 months later, its apparently gone up by $30k to $130k, so $30k equity
- using this $30k equity is building a house on this block for $100k in total
- so $70k is all that is required
its in one of these outer suburbs common with new estates,
so could you theoreteically do this over and over again to get control of a large property folio???
am i missing something here?